These are the suburbs you can now afford to buy a home in

First home buyer Nat Groeneveld, pictured with his girlfriend Kayla Selkirk, has just bought a house at Seven Hills. Picture: Mark Cranitch.

IF you have ever dreamt of living next door to Clive Palmer or Libby Trickett, now is your chance.

Neighbourhoods that were once only affordable to buy a house in on a millionaire’s budget have suddenly become more attainable, with a number of Brisbane suburbs dropping out of the million dollar club as the nation’s housing market softens.

Pallara, Fig Tree Pocket and Wilston and are among the suburbs where the median house price dropped below $1 million in the past 12 months and are now hundreds of thousands of dollars cheaper in some cases.

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This house at 72 Botticelli St, Fig Tree Pocket, is for sale.

Most areas to fall below the price threshold are within 10km of the CBD, where some buyers are now able to afford more options than first thought.

The outer suburb of Pallara has taken the biggest hit though, with the median house price falling nearly 28 per cent to $649,000, according to property researcher CoreLogic.

Only a year ago, the suburb had a median house price of $1.63 million as developers moved to snap up rezoned acreage and create new housing product.

The affluent, riverside suburb of Fig Tree Pocket in the city’s west has seen its median house price plummet 27 per cent in the past year to a more affordable $891,750, compared to the previous $1.2 million.

Clive Palmer owns this house at 36 Needham St, Fig Tree Pocket.

That’s good news for home hunters keen to live in the same suburb of United Australia Party founder Clive Palmer, who bought a house for $7.5 million in Fig Tree Pocket two years ago.

It still holds the title of Brisbane’s most expensive suburb, but the median house price has dropped from a whopping $2.475 million a year ago to $1.7 million now.

Buyers still need deep pockets to afford a house in the suburb, but it has become more appealing for upgraders keen to live the lifestyle of former AFL player turned real estate agent Jamie Charman and his wife, Nicky, who love living in Teneriffe.

Former AFL player Jamie Charman and his wife Nicky at their home in Teneriffe. Picture: Lyndon Mechielsen.

Another suburb that has seen a significant drop in house prices in the past 12 months is Seven Hills in the inner east.

Olympic swimmers Luke and Libby Trickett live in the suburb, which has recorded a 17.5 per cent decline in its median house price to $790,000.

Libby and Luke Trickett at home in Seven Hills. Picture: Jamie Hanson.

The home of Luke and Libby Trickett in Seven Hills.

Allan Tillett of RE/MAX – Results said he had recently sold a house to a first homebuyer in Seven Hills who would not have been able to afford it a year ago with his budget.

Nathaniel Groeneveld said he considered him lucky to have paid $800,000 for a five-bedroom house on a 512 sqm block at 227 Ferguson Road.